The June update shows May numbers continuing the robust real estate activity in most of the Metro Portland, Oregon area. Closed sales show an 18.5% improvement over May 2014, and a 7.6% improvement over last month, April 2015. In fact, this was the strongest May for closings since before the recession in 2006! Inventory is still an issue with 1.7 months of inventory available. 6 months is considered a "balanced" market. The total market time has decreased to 55 days and there were 5,125 homes on the market at the end of May, the latest date available.
The chart to the left shows the average and median sales prices in the Portland Metropolitan area (tri-county) since 2006 for single family homes. You can see we are back above where we were before the crash! Prices continue to rise in 2015 compared to 2014. Comparing each month through May the average sale price rose 4.6% from $327,200 to $342,300.
Our home of the month is a stunning home on almost five acres in the coveted Helvetia area of NW Portland. This completely renovated 1935 farmhouse with over 3,200 square feet also boasts a 3,200SF cement floored barn too! All this with stunning views from the inground pool and only minutes to the freeway and Portland, Hillsboro and Beaverton. You can see this home including the virtual tour by clicking here.